cur-mud-geon: anyone who hates hypocrisy and pretense and has the temerity to say so; anyone with the habit of pointing out unpleasant facts in an engaging and humorous manner
It is expected that Corsair Capital, a New York based private equity group will sign a deal with National City today that will affect Germantown. You've guessed by now, if you're a regular reader, that the effect is to keep our newest bank name, National City Bank, in Germantown, at least for the foreseeable future. Corsair and some other individual investors will put around $6 billion into National City at a share price of some $5.00.
We earlier traced the evolution from St. Francis Bank to Mid America Bank to National City Bank in the first Blog that discussed the plight of National City. It's shares closed at $8.33 on Friday and that marked a 52 week decline in value of 78%.
So, it appears that my friendly, efficient bankers in Germantown will continue to be there when I need them. I'm happy for them and for me and the rest of their customers. Changing banks is a nuisance. If there are direct deposits, those must be changed. If there are automatic withdrawls, those must be changed. New checks and bank cards must be obtained, and decisions as to which of the numerous accounts offered is the right account need to be made. If Internet banking is involved, there is another level of change, and if telephone banking is involved, yet another level.
We sometimes are oblivious to the things that happen on Wall Street and the world but many of those distant happenings directly involve us in one or another ways. This whole subject has been one that most of us has not followed...and yet it has an impact on our nice little village. Our economy has truly become a global economy whether for the better or not. IBM sold its laptop computer business to a company in China. The Jaguar and Range Rover nameplates are now owned by a company in India. GM is building a new engine plant in Brazil. Medical x-rays are read off shore. When the Far East markets hiccup, Wall Street flinches. The demand for gasoline and diesel fuel in India and China have thrown our prices into a seemingly unending upward spiral.
Perhaps more important, these changes have occurred in a relatively short span of time..in decades rather than centuries.